India Retains Eighth Position in Global Agricultural Exports

In 2023, India continued to be the eighth-largest exporter of agricultural products worldwide. However, India’s agricultural exports dropped from $55 billion in 2022 to $51 billion. This decline happened during a time when many other leading countries also saw a decrease in their agricultural exports.

Global Export Trends

Out of the top ten agricultural exporting countries, only three saw growth in their exports in 2023:

1. Brazil: Agricultural exports increased by 6% to $157 billion.
2. European Union (EU): Agricultural exports grew by 5% to $836 billion.
3. Thailand: Agricultural exports increased slightly by 0.2%, though it is not among the top three exporters.

Factors Impacting Indian Exports

India’s reduction in agricultural exports can be attributed to several geopolitical factors, such as:

• The Red Sea crisis
• The Russia-Ukraine war

Export Bans and Their Effects

These events have disrupted global trade. Additionally, India’s export bans on key agricultural products also contributed to the decline. These bans included:

• Wheat in May 2022
• Non-basmati rice in July 2023
• Sugar in October 2023

Comparison with Other Major Exporters

Despite a decrease in exports to $198 billion, the United States remains the second-largest agricultural exporter. China is the fourth-largest, with a slight decrease to $95 billion. Other significant countries in the top ten include Canada, Mexico, and Indonesia. Australia.

New WTO Trade Statistics Tool

The World Trade Organization (WTO) introduced an interactive platform in its 2023 report for analyzing international trade data. This tool allows users to explore trends in world trade by value and volume, with options to filter by economy, region, and product group.

Month: Current Affairs - August, 2024

Category: Reports & Indexes Current Affairs